Despite breaking a marginal new low of sp'1928 - with VIX 20.41, the equity bears still look weak, and the market looks extremely prone to renewed upside. First target remains the 1950/65 zone, which would likely equate to VIX 18/17s.
*Oil is clearly causing some problems, -4.0% in the $32s.
A marginally interesting morning... but really, is anyone seriously expecting a straight run under sp'1810 from here?
We've a clear minor gap zone of 1924/17.. and that is already close.
The next few weeks will likely annoy many... as the market looks continually vulnerable, but looks set to push another 3-5% higher.
FCX -6%.. as those getting overly hysterical yesterday are again hearing bankruptcy chatter.
BAC -2.9%... as any hope of higher rates later in the year continues to fade.
Here in London city...
Kinda chilly (7c), but its fine... and another day closer to summer :)
time to cook...